Oil and Gas Development Company Limited (OGDC) has announced its financial results for a nine-month period, ending on March 31, 2019.
The country’s leading oil and gas exploration company managed to post impressive growth of 50% to Rs. 85.3 billion in nine months ending on March 31, 2019, as compared with Rs. 56.82 billion in the same period last year due to an increase in sales, higher oil prices and an increase in other income.
Pakistani Rupee’s depreciation against US dollar played a vital role in bringing up the earnings with growth in gas production as well.
The net sales surged by 30% to Rs. 192 billion as compared to Rs. 147.7 billion with the cost of sales posted at Rs. 67.73 billion that took the gross profit up to Rs. 124 billion as compared with Rs. 86.55 billion in the previous year.
Other income increased by 58% to Rs. 17.9 billion compared to Rs. 11.3 billion in the corresponding period last year. The exploration and prospecting expenditures dropped by 42% to Rs. 6.5 billion from Rs. 11.2 billion.
The share of profit in associate (net of taxation) increased by 54.5% to Rs. 3.4 billion compared to Rs. 2.2 billion. The finance costs remained flat at Rs. 1.25 billion.
Earnings per share increased to Rs. 19.84 as compared to Rs. 13.21 in the same period of last year.
Similarly, in the third quarter ending on March 31, OGDCL’s profits increased by 41% to Rs. 28.5 billion compared to Rs. 20.14 billion in the same period of last year.
The board of directors has recommended an interim cash dividend of Rs. 2.75 per share. This is in addition to interim dividend already paid at Rs. 5.75 per share.
OGDC’s script at the bourse closed at Rs. 144.93, up by Rs. 1.13 or +0.79% with a turnover of 1.98 million shares on Friday.